- 8,448
Today, a health insurance client forwarded to me a proposal from Freedom Life (US Health Group). I recognized the plan because I used to sell Freedom Life before 2007.
What amazed me is that the policy has a $5,000,000 life-time cap. Upon closer inspection of the 28 page brochure, I never found the words "major medical". There was a statement that said, "This specialty plan will not subject you to the limitations of Health Reform laws" (paraphrased).
So it appears that by refusing the remove the $5,000,000 lifetime cap, Freedom Life avoided having their plans and company subject to every aspect of HealthCare Reform, including the MLR, Preventive Care, etc.. It is essentially the same plan they've sold for the past 10+ years, but can't legally be called "Major Medical". Very SNEAKY of them.
At $361 @ month for a 44 year-old smoker ($6,000 deductible w/ 70-30 of $20,000 and Critical Illness/Accident deductible elimination riders) it was quite expensive, but the brochure was laid out so well with real life stories and examples that the client was impressed enough to consider dumping his $329 a month $1,500 deductible HSA...thinking that the Freedom Life was better! All the more reason why our expertise is so needed during this crazy Health Insurance Reform era we're entering.
-Allen
What amazed me is that the policy has a $5,000,000 life-time cap. Upon closer inspection of the 28 page brochure, I never found the words "major medical". There was a statement that said, "This specialty plan will not subject you to the limitations of Health Reform laws" (paraphrased).
So it appears that by refusing the remove the $5,000,000 lifetime cap, Freedom Life avoided having their plans and company subject to every aspect of HealthCare Reform, including the MLR, Preventive Care, etc.. It is essentially the same plan they've sold for the past 10+ years, but can't legally be called "Major Medical". Very SNEAKY of them.
At $361 @ month for a 44 year-old smoker ($6,000 deductible w/ 70-30 of $20,000 and Critical Illness/Accident deductible elimination riders) it was quite expensive, but the brochure was laid out so well with real life stories and examples that the client was impressed enough to consider dumping his $329 a month $1,500 deductible HSA...thinking that the Freedom Life was better! All the more reason why our expertise is so needed during this crazy Health Insurance Reform era we're entering.
-Allen